The Institute for Economic Research and Policy Consulting (IER) has released the 39-th monthly enterprise survey “Ukrainian business in wartime” for July 2025.
The goal of the project is to quickly collect information on the current state of the economy at the enterprise level.
The field stage of the 39-th wave lasted from July 16 – 31, 2025.
The enterprise managers compared the work results in July 2025 with June, assessed the indicators at the time of the survey (July 2025), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
This survey uses a panel sample that includes 500+ enterprises located in 21 of 27 regions of Ukraine, including Vinnytsya, Volyn, Dnipropetrovsk, Zhytomyr, Zakarpattya, Zaporizhzhia, Ivano-Frankivsk, Kyiv, Kirovohrad, Lviv, Odesa, Poltava, Rivne, Sumy, Ternopil, Kharkiv, Khmelnytskyy, Cherkasy, Chernivtsi and Chernihiv regions and the Kyiv city.
The study was conducted by the Institute for Economic Research and Policy Consulting (IER).
Main results of the 39-th monthly enterprise survey:
- In July 2025, long-term business expectations improved, while long-term uncertainty decreased significantly after increasing last month.
- In the six months, uncertainty decreased for the business activity at the enterprise and did not change significantly for the overall economic environment.
- At the same time, expectations for the six months worsened.
- The year-on-year recovery rate worsened for the second consecutive month. Enterprise production indicators and expectations did not change significantly.
- Labor shortages, security concerns, and rising prices remain the primary obstacles to business, although with some changes in their percentage distribution.
